Material Interests
August, 1893 Grover Cleveland called Congress in special session to repeal the Sherman law and stop the purchase of silver and the issuance of “coin” notes. Such repeal was effected after a struggle of months in which the Republicans generally supported and the Democrats generally opposed the President, though both parties were divided on the subject.
This controversy made the silver question paramount in the campaign of 1896. The Republican platform of that year declared unreservedly for the maintenance of the gold standard and opposition to the free coinage of silver, unless under some international agreement with the principal nations of the world which would assure the maintenance of silver at its money value—an agreement which everybody knew it would be impossible to secure. Until that impossible achievement, that is perpetually, “the existing gold standard must be maintained.” At this a faction of the party, chiefly in the western and silver producing states, seceded and joined the Democrats. The Democratic platform demanded the “free and unlimited coinage of both gold and silver at the ratio of 16 to 1” and that such silver dollars should be “full legal tender, equally with gold, for all debts, public and private.” At that a faction of the party seceded and nominated an independent ticket, while many other Democrats openly supported the Republican ticket.
It was recognized throughout the nation that the Democratic free silver proposal meant the flooding of the country with silver “dollars” worth little more than half a dollar each with consequent enormous losses to millions of persons. Every savings bank depositor would find his savings practically cut in half. Every
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